CJSC AK&M Rating Agency has affirmed the national scale credit rating of Mechel OAO at 'B+' with a negative outlook and withdrawn the rating due to its expiration.

Mechel OAO (tax number: 7703370008) founded 2003 is one of the largest mining and metallurgical companies in Russia and worldwide. The Company is on the list of the backbone enterprises of Russia. Mechel OAO is a vertically integrated holding comprising four business segments (mining, metallurgical, ferroalloy industry and power engineering) with production assets in Russia and abroad. The Company's mining enterprises produce and sell coal, produce iron-ore concentrate and coke. Mechel's metallurgical companies are engaged in the production and sale of steel, rolled metal products, cast iron, and metal goods. The ferroalloy unit specializes in the production of ferrosilicon, ferrochrome and nickel. The group also owns commercial ports, as well as marketing, transport and power companies. At the beginning of Q4 2014, Mechel's US GAAP assets amounted to USD 11.3 billion.

Official Company name: Mechel OAO.

The rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Company's creditworthiness and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.

Official Company name: Mechel OAO.

The rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Company's creditworthiness and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.

AK&M Rating Agency shall not be held liable for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.

CJSC Analysis, Consulting and Marketing Rating Agency is a leading independent national rating agency engaged in rating activities since 1993. CJSC AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010) and is on the Central Bank of Russia's Register of Accredited Rating Agencies.

CJSC AK&M Rating Agency

Ul. Gubkina 3, Moscow, Russia

www.akmrating.ru

Phone no. (495) 916-70-30, fax no.: (499) 132-69-18.